Syscan International Inc. said Friday it will restructure its operations to focus on the emerging radio frequency identification technology – or RFID – as the company posted an increased first-quarter net loss $405,368.
Montreal-based Syscan said its loss amounted to one cent per share, the same as in the same quarter last year when it lost $290,517. Sales for the three months ended Sept. 30 were $253,191, down from $717,632 a year earlier.
“We have made the strategic decision to operate exclusively in the cutting-edge RFID arena,” president Axel Striefler said in a release.
“For the last several years, we have been operating both our mobile printer and RFID operations under one roof. It has always been our intention to convert the entire operation exclusively to RFID at the appropriate time. We believe that time has come.”
The company said it has begun discussions with a number of parties concerning the sale of its mobile printer division.
Syscan provides real-time tracking and tracing systems including traceability, temperature monitoring and quality control methodologies for the food, pharmaceutical and health-care sectors.
Shares of Syscan dropped six cents or about 20 per cent to 23 cents in trading of just 42,500 shares on the TSX Venture Exchange.